IPO bankers will not remember 2012 fondly. The market has been dismal: so far this year $119bn has been raised in 768 initial public offerings, down from $170bn in 1,225 IPOs in 2011. That has forced the bankers to crowd on to those flotations that have been available: the average number of bookrunners on global deals worth more than $500m is up from four to six. And the year’s largest and most glitzy IPO turned out to be a disaster. Facebook shares are still 30 per cent below their float price and Morgan Stanley has been fined $5m for its conduct during the IPO.
2012年应不会给操作首次公开发行(IPO)的银行家们留下太美好的回忆。这一年市场一直表现欠佳：迄今为止，今年共有768宗IPO，融资总额达1190亿美元，都不如去年。2011年共有1225宗IPO，融资总额达1700亿美元。这迫使银行家们蜂拥争夺有限的IPO机会：在manbetx app苹果 融资规模高于5亿美元的IPO中，平均每一宗的账簿管理人数量从4家增至6家。今年规模最大、最具轰动效应的IPO则成了一场灾难。Facebook的股价至今仍比发行价低30%，摩根士丹利(Morgan Stanley)则因其在此次IPO中的违规行为被罚款500万美元。